The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities? MCQ with Answer and Explanation

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The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities?

A. Cereals, pulses, oilseeds, edible oils and onion

B. Petroleum and diesel

C. Fertilizers

D. Medicines

Answer: Option A

Solution (By JKSSB Mock Tests)

The 2020 amendment removed cereals, pulses, oilseeds, edible oils and onion from the Essential Commodities Act.

This question belongs to: Economy GK Economy Set 1

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Which of the following is an example of a merit good?

A. Alcohol

B. Education

C. Gambling

D. Cigarettes

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Correct Answer: Option B

Explanation:
Merit goods are those that the government feels people will under-consume and which ought to be subsidised or provided free, such as education and healthcare.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'unemployment rate' in India measured by PLFS is the percentage of unemployed among:

A. labour force

B. employed persons

C. total population

D. working-age population

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Correct Answer: Option A

Explanation:
Unemployment rate is unemployed as a percentage of the labour force.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on banking services is:

A. 5%

B. 28%

C. 12%

D. 18%

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Correct Answer: Option D

Explanation:
Banking and financial services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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